Dune Market Data Feeds

Onchain market data is the record of trades that settled on decentralized venues, rebuilt from swap events, pool reserves and transaction receipts on the blockchain. A centralized exchange reports its own trades, whereas anyone can check an onchain trade against the public ledger. Dune Market Data Feeds covers decentralized venues only, which Dune puts at about a quarter of spot crypto trading. Banks and funds that already license exchange data as crypto market data add the onchain trades as a second source next to it.

Asset managers, proprietary trading firms and market makers that execute onchain have to document like any broker that each fill got the most favorable terms reasonably available. The usual test is transaction cost analysis, which measures a trade against the market at the moment it was executed. The Spot Feed delivers the comparison with every other venue that traded the same pair in the same second in one schema, and the same record reprices open positions between scheduled marks. When a blockchain reorganizes a block, corrections arrive as separate messages, so figures that a team has already filed are not changed without notice.

Tokenized stocks and ETFs from issuers such as Ondo Finance, xStocks and Robinhood trade in the Spot Feed, and stock perpetuals trade in the Perpetuals Feed. These markets keep trading at night and on weekends while the exchange that lists the underlying share is closed, so an asset manager with the listed position can follow its gap risk until the next opening. According to the launch announcement, tokenized stocks and ETFs traded more than 37 billion dollars onchain in the third quarter of 2026. On 17 September 2026 the SEC granted an innovation exemption that lets eligible permissioned venues trade tokenized US stocks onchain for five years. The joint venture of OKX and Intercontinental Exchange has since filed to list 63 such stocks on XLayer, and the feeds support XLayer from the first day.

Stablecoin data from the Spot Feed shows a loss of the peg while it happens, trade by trade. A stablecoin can fall a few cents within minutes, and an hourly data update arrives too late for a hedge fund or an asset manager to act on it. With trade-level data, a risk desk sees on which venues the selling takes place and how large the individual trades are while the move is still under way.

Market makers that quote on centralized exchanges use onchain prints as an independent signal for price discovery. The Spot Feed delivers those prints priced on arrival, so spreads between venues and the concentration of trading on single venues can be measured as they move. Data vendors and internal market data platforms that already carry European equities, US futures and currencies add onchain markets through one data model with stable identifiers from the Dune registry. Dune draws the parallel to EuroCTP, the consolidated tape for European shares and ETFs that went live on 14 September 2026 and also combines fragmented venues into one feed.

The Spot Feed carries DEX trades from more than 200 decentralized venues on Ethereum, Base, Solana, Arbitrum, BNB Chain, Polygon, Optimism, Avalanche, HyperEVM, Monad Testnet, Robinhood Chain and XLayer. Its assets range from crypto tokens, stablecoins, liquid staking and yield-bearing tokens to tokenized equities, ETFs, treasuries, funds, commodities and private credit. Each record carries price, size in tokens and as notional, US dollar value, side, venue, pool, timestamp, transaction hash and block or slot number. Dune marks the dollar value against an oracle price pinned to the same block and flags a trade as unpriced, with the reason, when no reliable mark exists.

A pool has to meet thresholds for liquidity, pricing integrity and venue registration before its trades enter the feed, and Dune publishes this methodology. Researchers who screen new tokens in their first hours of trading therefore work with the broader DEX datasets of Dune instead of the feed.

The Perpetuals Feed streams every fill on Hyperliquid and Lighter, two decentralized exchanges for perpetual futures, with a p95 latency of 590 milliseconds. Dune puts the covered perpetual volume at about 9 billion dollars per day, across contracts on equities, ETFs, commodities, currencies, pre-IPO companies and crypto tokens. Perpetuals on stocks, ETFs and equity indices traded 201 billion dollars on Hyperliquid in the third quarter of 2026, according to Dune, a market that did not exist there one year earlier.

A price oracle publishes one aggregated value onchain, often with a confidence band, so that smart contracts in lending or derivatives protocols can read it. Dune Market Data Feeds works the other way round and streams the individual fills from which such a price would be derived offchain to its subscribers, each with venue, size, side and identifier. An oracle answers what an asset is worth, while the trade feed shows what traded where, in which size, and whether a venue is good enough to execute on. Dune uses oracle prices only to mark the dollar value of each trade at its block.

The market data API of Dune streams trades from both feeds over WebSocket, and reference data with identifiers and classifications for every asset, venue and market comes through a REST API. Dune states the latency as a p95 weighted by trade count, 1.34 seconds for spot and 590 milliseconds for perpetuals, measured from the block timestamp to arrival at the Dune stream server without WebSocket delivery and internet transit. Trades go out as soon as a block lands, and Dune resends a block if a reorganization changes it, similar to a cancel and correct message on the feed of a listed market. Each message links to the onchain transaction that settled it, so every price can be checked against the ledger it came from.

Up to eight years of trade history is sold separately for backtesting, trend analysis and predictive models. Historical Spot Trades comes out of the same code as the Spot Feed, with the same universe, pricing and identifiers, so a model tested on history meets the same data in production. A standard trial package contains six months of history across the EVM chains and Solana, extended every night, with BNB Chain planned next. Research teams receive the history through an API or as a datashare inside Snowflake, BigQuery, Databricks or Amazon S3.

Dune publishes no prices for the feeds, and access starts with a demo request on the product website, with the trade history licensed separately. According to Fredrik Haga, co-founder and CEO of Dune, the first customers include quant funds, market makers, asset managers and the trading desks of banks. These firms use the data to assess liquidity, compare prices across venues and test strategies before they commit capital.

Dune runs a query platform and datasets for blockchain analysis and supplies data from more than 130 chains to over 1,000 customers, among them Visa, WisdomTree, S&P, UBS and Bloomberg. The real-time feeds extend this analytical data into streaming market data for trading systems. Banks and funds usually combine several market data feeds, for example exchange feeds for listed securities, aggregated prices from centralized crypto exchanges and onchain trade data such as the Dune feeds.